Calculate the first year net income

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Reference no: EM13134671

In its first year of operations, Harden Con. earned $39,000 in revenues and received $33,000 cash from these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at year-end. The company also prepaid $3,750 cash for expenses that would be incurred the next year. Calculate the first year's net income under both the cash basis and the accrual basis oaf accounting.

Reference no: EM13134671

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Calculate the first year net income : In its first year of operations, Harden Con. earned $39,000 in revenues and received $33,000 cash from these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at year-end. The company also prepaid $3,750 cash for ..

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